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Asset Strategic Planning
At the Heritage Square Property, Golden, Colorado, Bill Witting completed strategic planning and alternative use analysis on a foreclosed amusement park and old west theme shopping center. The work considered
redevelopment and a number of alternative uses (including single family, multi-family and commercial development) and users to arrive at the solution or course of action that maximizes present value to the
institutional owner which obtained the property through foreclosure. This was one of several analysis assignments that resulted in the closure and liquidation of Silverado Banking. (Client: Silverado Banking and The
Federal Savings and Loan Insurance Corporation)
For the Jefferson School Project, Seattle, Washington, Bill Witting examined the possible multiple use of a surplus school building available for long term lease from the Seattle School
District. Witting's client, The Municipality of Metropolitan Seattle (METRO), considered leasing the property for construction of a parking facility for a Park and Ride Lot and transportation terminal. The use
analysis addressed the development and broad economic feasibility of a multiple use combination of terminal, retail space, and tower of subsidized low-income elderly housing units as well as a tower of condominiums
or apartments using air-rights (sub)leases. (Client: METRO)
For the Cougar Mountain Project, Issaquah, Washington, Bill Witting provided market analysis, strategic planning and economic feasibility study services related to use of 970 acres of vacant
land in King County (adjacent to Bellevue/Issaquah), Washington. Solution(s) included combinations of residential (single family, condominiums, apartments, and town homes ... ranging from low income to luxury), golf
course, retail, and public access/open space facilities. Work included decision tree analysis and GANT and PERT charting of task-time-resource-cost of the entitlement and development process, including zoning, utilities,
access, environmental and political issues under various development alternatives and process strategies. Obtained surveys, soils tests, environmental data, site plans and construction cost estimates. Identified a
wealth maximization strategy after budgeting monthly source and use of funds for development and marketing. The work utilized both Monte Carlo Simulation and sophisticated proprietary financial modeling and statistical techniques applied to a
variety of marketing approaches and end-use scenarios as well as an array of development terms (6-12 years) and absorption/revenue variables. (Client: Northwest Property Investors II, a Washington Limited
Partnership)
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Program Management & Project Management
At the Frederickson Industrial Property, Pierce County, Washington, Bill Witting completed a market analysis, strategic plan and economic feasibility study for use of 602 acres of foreclosed
vacant land. Results indicated that the best use was as industrial development. Work included obtaining favorable zoning, securing sewer service by formation of a LID (Local Improvement
District) for financing through the County Council and bringing a 54" collector seven miles from existing terminus. Also, obtained water service from the City of Tacoma by formation of a LID and
bringing a 24" water distribution three miles from terminus. Also, Witting obtained agreement of the neighboring property owners, Port of Tacoma, Pierce County and others to extend a 4-5 lane
arterial 1.5 miles to the property. Obtained various right-of-way and easements to expedite processes. Negotiated service area boundary adjustments for drainage, water, and electric utility
services (w/ the utilities and the Boundary Review Commission) and obtained rail service to the property. Obtained boundary and topographic surveys, soil tests, wetland studies, and completed
site and subdivision planning and rezoning. Prepared environmental impact statement and initiated onsite environmental cleanup (remediation) activity. Identified marketing strategy, prepared and
administered the marketing program ... and sold the property to Boeing Commercial Aircraft Company. Assisted Boeing w/ modifications to zoning, supplemental EIS, and site planning for
completion of a new manufacturing facility. (Client: Centrum Properties Corporation, a subsidiary of Security Pacific Bank [now Bank of America]).
At the Live Oak Center, Sacramento, California, Bill Witting negotiated the acquisition of a cloistered Carmelite Convent from the order of religious sisters. He transferred the purchaser
position to the County Employees Pension Plan having simultaneously arranged for a 20 year net lease of the property to the County and a sublease of the property from the County to Witting's
client, Mental Health Management, Inc., and Witting obtained a grant from the State of California to remodel the property for use as an inpatient mental health facility; use permits, project design,
estimating, supervision of construction, overall project management. (Client: Mental Health Management, Inc.)
At the Fairchild Medical Center, Yreka, California, Bill Witting acted as the owner's Program
Management Consultant for the total replacement of the community hospital. Witting established site selection criteria, identified and evaluated alternative sites, ranked sites and recommended selection.
He managed site acquisition, Comprehensive Plan Amendment, zone change, and Special Use Permit activities as well as directed the preparation of the related EIR. Witting acted as
the owner's Project Management Consultant from functional and design program through the approval of construction documents by the Office of State Health Planning and Development. He
managed selection, contract negotiation, and coordination of all project consultants (architect, contractor, equipment, etc.) and all project phases through completion of construction and move-in (except fund raising and project financing). This was the tenth time Witting acted as program manager to develop a complete new hospital. (Client: Siskiyou General Hospital)
At the Northwest Washington Medical Bureau, Burlington, Washington, Bill Witting acted as the owner’s Program Manager for development of a new 96,000 s.f. office building. The fast-track project consolidated operations from eight locations and was completed in only 26 months … ahead of schedule and under budget. Witting directed site selection, acquisition and permitting of the insurer’s new headquarters as well as selection, contract negotiation and coordination of all project consultants (architect, contractor, etc.) from project initiation through completion of construction. (Client: Northwest Washington Medical Bureau [Regence Blue Shield]).
At the Park Professional Building Project, Chicago, Illinois, Bill Witting acted as program manager for the development of a 105,000
SF medical office building, as well as the concurrent development of a 600 car parking garage for the adjacent hospital. Witting negotiated site acquisition and managed the planning, permitting, estimating, financing, construction, and leasing activities. (Clients: Ben Pekin Corporation and Columbus-Cuneo-Cabrini Medical Center)
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Financial Structuring
At California Federal Savings & Loan, Los Angeles, California, Bill Witting identified a financial strategy to advantageously dispose of $190 million of "distressed" condominiums in the Cal Fed
REO portfolio. In a single $136 million transaction, a securitization strategy was implemented to successfully avoid a $36 million write-down of assets and net worth. In another Cal Fed assignment, Witting
arranged the sale-leaseback of their newly constructed $40 million central computer facility, arranged third party financing, and financially structured a limited partnership related to its disposition as well
as the acquisition of similar facilities. Witting formed a new service corporation subsidiary of Cal Fed to engage in real estate syndication and the formation of a real estate investment trust. Bill
Witting acted as initial Director of Acquisitions for the new entity, established all relevant procedures and criteria, and acquired initial properties for investment portfolios. In the first two years of its existence, this service corporation was the most profitable of the 5,000 service corporations in the nation by a very wide margin. (Client: California Federal
Savings and Loan)
For the original CenterPlace Project, Spokane, Washington, Bill Witting structured the transaction
and reviewed the economic feasibility issues related to development of a multiple use (parking, transit center, retail, office, hotel) facility to house transit center activities on the first and second floors.
Witting advised the client, The Spokane Transit Authority, during its acquisition of a city block in downtown Spokane, during RFP and developer selection, and during negotiation of a long term
unsubordinated ground lease to the selected developer, and during negotiation of a 55 year leaseback of improved first floor space for STA use. (Client: Spokane Transit Authority)
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Financial Feasibility Studies
For the Waterfront Place Project, Seattle, Washington, Bill Witting prepared pro forma analyses of investor/developer returns under a large number of test scenarios of investor and investor/tenant
ratios of ownership and occupancy. The project was a proposed residential-retail-office-parking mixed use development and sensitivity analysis included more than 20 variables such as absorption,
lease rate, limited partnership allocations of income, gain, loss, deduction and credit, as well as growth rate, tax rates, debt/equity ratios and loan interest rates. The market data utilized in the
analysis was provided by others. (Client: Cornerstone/Columbia Development Company)
For the Valley West General Hospital Project, Los Gatos, California, Bill Witting prepared the entire
Certificate of Need Application for replacement of a hospital owned by Safecare Company, Inc., (subsidiary of Safeco Insurance Company) and represented the application at various agencies to the
point of approval (this was Witting's 33rd successful Certificate of Need Application).
For the King County Executive, King County, Washington, Bill Witting examined leasing alternatives and made recommendations regarding available options to house the offices of various departments
of King County government. Considered phased occupancy of up to 200,000 square feet of space during different periods of absorption. Exhaustive economic analysis of all aspects of specific
alternative landlord lease proposals as well as lease-purchase option proposals made by landlords and developers. (Client: The Office of the King County Executive)
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Value Recovery / Workouts
For numerous banks, thrift institutions and their regulatory agencies, including Security Pacific Bank, Shoreline Savings, Washington Mutual Bank, Union Bank of California, Westside Savings,
Lynnwood Savings, Bank of California, University Savings, Rainier Bank, Pacific First Federal, Seafirst Bank and First Interstate Bank, Bill Witting acted as consultant or managed the marketing
process for the disposition of a wide variety of office, retail and residential properties obtained through foreclosure. In numerous instances he advised the clients during both the foreclosure and
recovery periods and suggested, and helped implement, strategy to facilitate and maximize timely recovery. He established decision tree methodologies and task screens for repetitive use, and was
retained to provide training to bank and agency staff in analysis and due diligence techniques.
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Due Diligence Investigation
Bill Witting has completed several confidential due diligence investigations for the Trustees or Advisors of funds considering placement of equity or debt in existing real estate projects. Typical of
such an assignment was that where a major trust was considering an applicant's proposal for refinancing existing subordinated debt with a participating loan to be secured by a large
neighborhood shopping center. In addition to the comprehensive investigation to gain knowledge of the property and all internal and external factors likely to affect its economic health, now and in the
future, Witting was asked to suggest a debt structure for the participating loan that would preserve and enhance the subordinated lender's position under an array of possible future conditions.
For Grupo Mexicano de Video S.A. de C.V., Bill Witting (part of a team of five CCIM's) completed site analysis and other investigation preparatory to selection of 150 new locations for
Blockbuster Video stores. Included in the project was due diligence investigation and financial structuring leading to acquisition of Grupo Mexicano de Video S.A. de C.V.'s operating franchise
and, separately, more than six months of analysis and negotiations for the acquisition of the real estate interests (fee ownership and leasehold) underlying 126 existing outlets. (Client: Grupo
Mexicano de Video S.A. de C.V.)
Bill Witting completed the due diligence investigation and financial analysis relating to under-construction and newly constructed apartment projects selected for possible acquisition by
CRD, Inc., an acquisition entity formed by Japanese investors. Assignments included provision of suggested alternative purchase terms that would protect or improve the buyer's position under a
variety of near-term or intermediate-term events [performance bonuses and penalties, earn-outs, rent guarantees, rubber band clauses, recission trusts, etc]. (Client: CRD, Inc.)
For an investor/developer/operator group, Bill Witting completed the due diligence investigation for
acquisition of a partially constructed Mexican resort hotel-timeshare property under foreclosure (embargo) by a Mexican bank. The work (post-1994 peso devaluation) included identifying the
resources for project completion, the probable cost-to-complete, and financial analysis to identify an array of amounts and terms that could be paid (to any combination of lender, owner and other lien
holders) for the asset while still achieving the purchaser's yield objectives. The scope of the work expanded into several areas beyond due diligence investigation.
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Site Assembly & Quiet Acquisition
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